Global tire giant Pirelli has unveiled a large-scale investment plan in the United States, accompanied by a board reshuffle. The new board led by Marco Tronchetti Provera has officially taken office, marking the completion of the company’s corporate governance restructuring.
MILAN — Pirelli confirmed a multi-year investment plan in the United States valued at between $1 billion and $1.2 billion, equivalent to 870 million euros. The group disclosed on June 30 that the investment proposal has been reviewed by the previous management, and is pending approval at an upcoming board meeting.
The US investment focuses on three major dimensions: expanding local tire production capacity, driving growth in high-value tire business, and accelerating the commercialization of its self-developed Cyber Tyre technology. Pirelli stressed that the overseas investment is embedded in its new industrial plan and will not alter its overall investment strategy. Its capital expenditure will remain stable at roughly 7% of total revenue, sustaining sound financial fundamentals.
In terms of regulatory compliance, following the corporate governance overhaul in April to comply with Italy’s Golden Power rules, Pirelli stated that it has reached a preliminary understanding with U.S. authorities to deploy Cyber Tyre technology locally, removing major regulatory barriers for technology exports. The Golden Power rules refer to Italy’s foreign economic regulatory provisions, authorizing the government to review equity changes, technology exports and critical governance adjustments of enterprises in strategic sectors.
Regarding board appointments, the newly appointed board convened its inaugural meeting after taking office on June 25. Marco Tronchetti Provera was appointed Executive Chairman via majority vote. Director Zhang Haitao voted against the appointment, while Xi Xiaohong and Wang Kun abstained. Moreover, Giovanni Tronchetti Provera was elected Vice Chairman, and Andrea Casaluci was unanimously reconfirmed as Chief Executive Officer.
Pirelli released shareholding information, noting that Marco Tronchetti Provera is the sole board member holding company stakes, indirectly controlling a 26.49% equity interest. All other directors hold no Pirelli shares. The governance adjustment complies with Italy’s Golden Power regulations and international listed company governance standards.
Meanwhile, Pirelli finalized appointments for its supervisory board and key financial reporting positions. The group clarified that the US investment will be integrated into its updated industrial roadmap, and will not affect its 2026 operational and profitability targets.
